DislikedMike,
I totally needed to hear this today. Thanks! I am getting more and more confident at identifying possible trouble areas on the daily charts, but my current challenge is trying to decide which ones could really stop a trend and which ones will just bounce the price before moving on.
I'm always hesitant to take .5, or .25 R on a trade, but honestly if I had been more willing to do that up until now I bet I'd have around a 90% hit rate (about 75% or 80% right now) and a lot less stress from watching positive trades go negative! More importantly...Ignored
Could you check if my understanding of risk-reward is correct. When you guys says 0.5R, does this means setting up a trade where for example TP=10 pips and SL=20pips? Or when u say 0.25R it means TP=10pips and SL=40pips? Is the ratio of TP/SL = (X)R? Appreciate your guidance as usual.
CY